WuXi PharmaTech Dodges Securities Suit

Law360 (October 14, 2020, 7:46 PM EDT) -- A New York federal judge tossed a proposed class action Wednesday that alleged pharmaceutical research and development company WuXi PharmaTech misled investors by not disclosing a strategy to spin off three subsidiaries.

Lead plaintiff Altimeo Asset Management alleged that WuXi PharmaTech defrauded shareholders by hiding plans to spin off or list three subsidiaries on foreign stock exchanges following a $3.6 billion merger that took the company private.

But "WuXi disclosed in its proxy materials both that it might relist on the Chinese or Hong Kong stock exchanges and that relisting might result in a higher valuation," U.S. District Judge Alison J....

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